Ferrari and Renault have both issued official statements this week threatening to pull out of next year's FIA Formula One World Championship due to the FIA's decision to introduce two new sets of technical regulations.

This is not some oil-rich Arab sheik, his equally rich cousin and their play things. Renault took…
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Ferrari and Renault join a growing number of teams including Red Bull, Toyota and BMW that have also threatened to leave the sport for 2010. The new technical regulations state that the FIA will give certain advantages to budget capped teams, causing a major disrupt in the competitive nature of the sport.

With the May 29th deadline for official entries looming, it appears that only the Williams, Force India and Brawn team will make the entry date for next year's world championship. Rumors are quickly spreading that there could be a split in F1, not unlike that of Indycar and CART, and we all know how well that ended. A full list of the 2010 FIA Sporting Regulations can be seen HERE. (Photo Credit: Flickr) [via FormulaOne: 1, 2]